Brent crude rose toward $107 per barrel on Monday, stretching gains into a fifth consecutive day on hopes the United States and Europe will this week announce new measures to shore up their fragile economies, boosting the outlook for oil demand.
Slowing growth in the United States, the world's top oil consumer, has triggered expectations of stimulus measures from the Federal Reserve, which meets on Tuesday and Wednesday. Next on investor radars is Friday's U.S. non-farm payrolls data.
"If unemployment starts to worsen, you can be sure that the FOMC are going to step in and inject more stimulus into the economy," said Tony Nunan, a Tokyo-based risk manager at Mitsubishi Corp.
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